KUALA LUMPUR (Nov 13): Logistics firm Swift Haulage Bhd (KL:SWIFT) said on Wednesday its net profit was lower in the third quarter largely due to one-off gain that inflated the previous year’s corresponding period.

Net profit for the three months ended Sept 30, 2024 (3QFY2024) was RM5.77 million, down nearly 80% from 3QFY2023 when it booked RM25.47 million gain from bargain purchase, an exchange filing showed. Higher finance costs also weighed on 3QFY2024 and the company did not declare any dividend.

However, revenue grew 8.9% year-on-year to RM183.06 million, mainly driven by the container haulage and land transportation segments that together contributed about 74% of total revenue.

“The warehousing division, however, has been a particular bright spot, benefitting from sustained demand and strategic capacity expansion,” Swift Haulage said.

The construction of a 200,000 sq ft warehouse in Penang is under way, the company said, noting that its affiliate Global Vision Logistics is progressing towards completion of Phase I of the Shah Alam International Logistics Hub, which will add 2.8 million sq ft to its capacity by end-2025.

This year, the company gained 387,000 sq ft through the acquisition of a warehouse in Penang and the construction of a new facility in Westport, both of which are fully occupied.

The company will focus on operational efficiency and effective cost management to support steady profitability across segments, chief executive officer Loo Yong Hui said in a separate statement.

For the first nine months, net profit fell 26.9% to RM35.25 million though revenue rose 7.5% year-on-year to RM535.28 million driven by contribution from container haulage, expanded fleet in the land transportation segment, bigger auto logistics warehouse, and an increase in the depot business.

As at Sept 30, the company’s net gearing stands at 1.04 times.

Shares of Swift Haulage closed unchanged at 47.5 sen on Wednesday ahead of the results announcement, giving it a market capitalisation of RM424.33 million. Year-to-date, the stock has fallen 12.8%.